Internal Controls Design, Evaluation and Communication for Not-for-profits (17W519-13)
Description
Significant changes in the auditing industry have highlighted the
necessity for all entities, regardless of nature, size and complexity,
to have a well-designed and effectively operating system of internal
controls over reliable financial reporting. This course will provide
practical guidance on exactly what a sound system of internal controls
looks like, and the resulting impact on the financial statement audit.
The program qualifies towards the 24-hour Yellow Book requirement.
Learning Objectives
Understand key components of internal controls and the important role
each plays
Be able to test controls for operating effectiveness
Differentiate an external financial statement auditor's responsibilities
related to internal controls depending on the professional or regulatory
standards being followed
Major Topics
The evolution of internal controls theory and practice, including
emerging guidance specific not-for-profit entities
Comparing and
contrasting specific types of internal controls
Evaluating design and
implementation of an entity's design on internal controls
An external
auditor's responsibility for evaluating and communicating identified
deficiencies in internal controls through the financial statement and
compliance audits